Market/Finance News Blog: Streamlined approvals growing in popularity across Sydney

By the resi financial blog team, 13 March 2014

Property approvals streamlined in Sydney

Fast-tracked housing approvals in Sydney have helped to increase the rate of building being undertaken across the city, which could be incentive enough for those sitting on the fence to take out a construction loan and create their dream family home in the coming months. 

Home builders are getting faster and cheaper approvals for new homes and renovations using an assessment process known as complying development. If a property meets all the requirements of this assessment - which include height, floor space and landscaping requirements - home builders can find themselves saving up to $7,000 on the costs of construction, as well as get their plans approved faster. 

New South Wales Planning and Infrastructure Minister Brad Hazzard said figures in the latest Local Development Performance Monitoring Report 2012/13 found that 25 per cent of all approvals were undertaken through complying development. 

"It's great to see that home builders can take the hassle, headache and delay out of planning by taking advantage of the fast-track approval process," said Mr Hazzard in a March 9 statement. 

"The evidence is clear - expanding the fast-track system for developments that comply with planning regulations has meant new homes and renovations have been completed sooner, cutting costs and time." 

More details surrounding the fast approvals highlighted that plans put up for assessment under complying development were approved in an average of 17 days - compared to 68 days for regular approval applications. Furthermore, these applications were worth a total of $3 billion over the last 12 months, a rise of 35 per cent over the last year. 

"It's also meant businesses are seeing the benefits of their investments sooner, which is good for the NSW economy, and councils aren't wasting rate payers' resources dealing with applications unnecessarily," said Mr Hazzard. 

This could provide a great opportunity for anyone interested in taking out a home loan for construction or renovation projects around their home in the coming months.

Categories: Home Loans, Personal Finance